Trade setup Wednesday

 

Trade setup Wednesday: Opening was on positive node.

Slowly Nifty Future rallied 115 points.

But the index failed to sustain at higher level.

Start to fall at last hour of session.

Fall was of 146 points.

 

Now to enter tomorrow’s trade everyone has to set up before opening.

Let us discuss today what we have done at market, after that will elaborate tomorrow’s trade setup.

Today when Nifty Future cross 11370 levels (at opening it was high), you may describe it as first5 minutes’ high.

When the index crossed the mentioned level, I have decided to go for long.

And I updated my clients, to initiate long positions at 11377 with stop loss 11366.

I was confirming about the resistance 11431.

Therefore the target was 11430.

That first trade ends with a good return of 53 points per lot.

As was sure about the high 11431, initiate and updated our clients to go for short positions.

Stop losses was 11436, but when the instrument made high 11434,and correct some points, it was signal that it will cross 11436.

Therefore exit the trade at 11425.

But this conclusion evoked me t enter a wrong trade.

Enter long position at 11435 and after few minutes SL triggered.

But fourth call has given a good return.

Enter long at 10 SEP 2020 11400 PE @ 100.

And as usual I guided my clients to do so.

End of the session this instrument made high 148.

I told my intraday clients to book profit at 142.

We are holding all.

Overall this trading day ends with great profit.

 

Now we have to be preparing for tomorrow’s trade.

If there is any gap-down opening tomorrow, the index may take first support at 11272.50 or 11270.40.

Slip below 11233 Nifty Future may take crucial support at 11165.

If the mentioned instrument takes support at this vital support level and start to bounce back,

Then a momentum towards upside for 2 to 3 days may start.

Buy at this scenario it is very tough to go above 11794 before some more deep.

So, who are reading this post please don’t initiate long position for wider time frame.

As just say the up move may stay maximum for 2 to 3 days.

If volume support it may take single day.